GPSC has announced a 9-month net profit of over 3 billion baht, with Q3 2024 net profit reporting at THB 770 million—a 46% decrease compared to Q2 2024. This decline is attributed primarily to seasonal factors and the appreciation of the Thai baht against the US dollar, which resulted in unrealized foreign exchange losses on the revaluation of financial lease receivables, as well as increased fuel costs. For the 9-month period, net profit rose to THB 3,063 million, driven largely by higher gross profit from Small Power Producers (SPP), particularly due to lower natural gas costs.
Mr. Worawat Pitayasiri, President and Chief Executive Officer of Global Power Synergy Public Company Limited or GPSC, the innovative power flagship of PTT Group, reported that Q3 2024 revenue reached 20,912 million baht, with a net profit of 770 million baht, marking a 46% drop from Q2 2024 (QoQ). Seasonal rainfall in Q3 led to lower electricity demand compared to Q2’s summer peak, while scheduled maintenance at Independent Power Plants (IPPs) also impacted results. The stronger baht in Q3 2024 reduced the value of USD-denominated financial lease receivables, leading to unrealized foreign exchange losses. Meanwhile, GPSC recorded increased profit contributions from its joint ventures, particularly from the Xayaburi Hydro Power Plant (XPCL), which benefited from higher water levels, despite a 17-day production halt due to water level disparities.
For the 9-month period ending in 2024, GPSC recorded a net profit of THB 3,063 million, down 5% from the same period in 2023. This slight decline was despite improvements in core operations, notably from SPPs, which benefited from reduced natural gas and coal costs, even as the FT tariff rate decreased and electricity sales increased. The company recognized a net foreign exchange loss of THB 313 million, primarily due to unrealized exchange losses on power plant financial lease receivables as the baht strengthened against the dollar.
Despite Q3’s challenges from uncontrollable factors, such as exchange rates and natural events, GPSC maintained effective cost management through improved efficiency in electricity and steam production and solid financial cost controls. This resilience aligns with GPSC’s long-term 4S strategic plan including S1 Strengthen and Expand the Core, S2 Scale-Up Green Energy, S3 New S-curve and battery, and S4 Shift to Customer-Centric Solutions.
These initiatives support GPSC’s commitment to achieve the target of Net Zero by 2060.
Regarding GPSC’s renewable energy projects, significant progress has been made. Avaada Energy Private Limited (AEPL) in India, in which GPSC holds a 42.93% stake, has secured concessions from the Indian government for projects totaling approximately 17,350 MW. The offshore wind power project in Taiwan (CFXD) has also advanced, with 95% of the work now completed by contractors.
